The US stock market and the cryptocurrency market have grown together today, while Dow Jones posted one of the biggest one-day gains to date, while Bitcoin was able to exceed 6%.
All of the notable rallies seen in the stock market over the past few weeks have been a major disadvantage, but it is becoming increasingly uncertain whether this momentum will continue in the coming days and weeks.
If the stock market sees even more negative as the week progresses, it could create a tail wind causing Bitcoin to see a similar decline.
Dow Jones Publishes 12% Big Climb While Pressing Against Bitcoin Key Resistance
Dow Jones today, it was able to achieve an 11.4% climb, indicating one of the biggest one-day rallies it has ever seen, which has recently exceeded 20,000 points after falling to low levels in the 18,000 region.
Although this is important, it is important to keep in mind that during the last downtrend, it made multiple similar jumps, each of which was closely followed by a large number of important jumps.
Bitcoin walked in succession with the benchmark cryptocurrency rising to $ 6,800 before facing some resistance today.
Until now, this resistance has not been enough to catalyze a sello, and investors and traders are likely to wait for ideas on where to go the futures market tomorrow.
As BTC and other digital assets closely follow traditional markets, tomorrow's trading session is likely to have a heavy impact on Bitcoin.
What's Behind Today's Rally and Will It Continue?
Alex Krüger, a respected economist, announced in his last tweet that he said he did not believe that stocks had hit the bottom, that today's rally came as a result of optimism from the upcoming US incentive package, President Trump's Coronavirus. there may be portfolio rebalancing entries in the near term.
“Are stocks bottom? Could be. No, I leaned right. In short-term stocks, the trade is done with the optimism of Trump, the future incentive package of the USA, and there are large portfolio negotiations for rebalancing the portfolio in the coming days. ”
Are the shares at the bottom? Could be. No, I leaned right. Short-term stocks trade with the optimism of the US stimulus package Trump, and there are discussions on major portfolio rebalancing entries in the coming days.
– Alex Krüger @krugermacro Instagram photos and videos • Imgwonders March 24, 2020
If these factors are not enough to broaden the major recovery of the market today, Bitcoin can continue to struggle to overcome the resistance in the $ 6,000 region and then pull the whole market further down.
Featured image from Shutterstock.